Pensions at increased risk of being targeted by scammers

The Pensions Regulator (TPR) has warned that pensions are at 'increased risk of being targeted by scammers' during the COVID-19 pandemic.

In a message to trustees, the TPR said: 'Savers might increasingly look to transfer their pension, prompted by the instability of their employer or the financial markets.'

'If a saver asks about transferring their pension, urge them to exercise extreme caution and visit ScamSmart which has specific guidance relating to COVID-19. Trustees should also signpost their members to the Money and Pensions Service – particularly those approaching retirement and whose pension may have been affected by the current economic conditions.'